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Management Incentive Plans | 6 Months Ended
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Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Management Incentive Plans | Management Incentive Plans The Company maintains the Omnibus Incentive Plan for the purpose of: (a) encouraging the profitability and growth of the Company through short-term and long-term incentives that are consistent with the Company’s objectives; (b) giving participants an incentive for excellence in individual performance; (c) promoting teamwork among participants; and (d) giving the Company a significant advantage in attracting and retaining key employees, directors and consultants. To accomplish such purposes, the Omnibus Incentive Plan, and such subsequent amendments to the Omnibus Incentive Plan, provides that the Company may grant options, stock appreciation rights, restricted shares, RSUs, performance-based awards (including performance-based restricted shares and restricted stock units), other share-based awards, other cash-based awards or any combination of the foregoing. Service-Based Awards The Company grants service-based stock awards in the form of RSUs. Service-based RSUs granted to executives, employees, and non-employee directors vest ratably, on an annual basis, over three years and in the case of certain awards to non-employee directors, over one year. The grant date fair value of the service-based awards was equal to the closing market price of the Company’s common stock on the date of grant. For the three months ended June 30, 2026 and 2025, the Company recognized $0.7 million and $0.6 million, respectively, of non-cash stock-based compensation expense related to outstanding service-based RSUs. For the six months ended June 30, 2026 and 2025, the Company recognized $1.4 million and $1.1 million, respectively, of stock-based compensation expense related to outstanding service-based RSUs. The following table summarizes the Company’s service-based RSU activity for the six months ended June 30, 2026:
| Awards |  | Weighted-Average Grant Date Fair Value
Unvested at December 31, 2025 | 87,141 |  |  | $ | 46.20 |
Granted | 39,711 |  |  | 78.13 |
Vested | (58,179) |  |  | 35.61 |
Forfeited | (1,177) |  |  | 76.00 |
Unvested at June 30, 2026 | 67,496 |  |  | $ | 73.60 |
Performance-Based Awards The Company has granted performance-based restricted stock units (“PRSUs”) under which shares of the Company’s common stock may be earned based on the Company’s performance compared to defined metrics. The number of shares earned under a performance award may vary from zero to 150% of the target shares awarded, based upon the Company’s performance compared to the metrics. The metrics used for the grant are determined by the Company’s Compensation Committee of the Board of Directors and are based on internal measures such as the achievement of certain predetermined adjusted EBITDA and EBITDA margin performance goals generally over a three-year period. The Company recognizes non-cash stock-based compensation expense for these awards over the vesting period based on the projected probability of achievement of the performance conditions as of the end of each reporting period during the performance period and may periodically adjust the recognition of such expense, as necessary, in response to any changes in the Company’s forecasts with respect to the performance conditions. For the three months ended June 30, 2026 and 2025, the Company recognized $0.6 million and $0.7 million, respectively, of non-cash stock-based compensation expense related to outstanding PRSUs. For the six months ended June 30, 2026 and 2025, the Company recognized $1.1 million and $1.4 million, respectively, of stock-based compensation expense related to outstanding PRSUs. All unvested PRSU awards as of June 30, 2026 are related to awards granted in fiscal year 2024. The following table summarizes the Company’s PRSU activity for the six months ended June 30, 2026:
| Awards |  | Weighted-Average Grant Date Fair Value
Unvested at December 31, 2025 | 277,245 |  |  | $ | 21.58 |
Granted | — |  |  | — |
Performance factor adjustment(1) | 99,690 |  |  | 12.20 |
Vested | (299,083) |  |  | 12.20 |
Forfeited | (1,436) |  |  | 45.47 |
Unvested at June 30, 2026 | 76,416 |  |  | $ | 45.60 |
(1) Performance-based awards covering the three-year period ended December 31, 2025 were paid out in the first quarter of 2026 based on the approval of the Company’s Compensation Committee. The performance factor during the measurement period used to determine compensation payouts was 150% of the pre-defined metric target of 100%, which resulted in a positive performance factor adjustment and the issuance of 99,690 shares of the Company’s common stock as additional awards associated with the original grant. Market-Based Awards The Company grants market-based RSUs (“MRSUs”) to certain employees that vest based on the Company’s total shareholder return (“TSR”) relative to the TSR of the Russell 2000 Index over a three-year performance period. The number of shares that ultimately vest can range from 0% to 150% of the target award, based on the Company’s TSR percentile ranking relative to the Russell 2000 Index constituents during the performance period. Because vesting is subject to a market condition, the grant date fair value of these awards was estimated using a Monte Carlo simulation model. The assumptions used in the model included expected volatility for the Company and the Russell 2000 Index, risk-free interest rates, expected dividend yields, and the correlation between the Company’s stock and the Russell 2000 Index. The grant date fair value is expensed over the requisite three-year performance period using a straight-line method, as long as the employee remains employed during the performance period. For the three months ended June 30, 2026, and 2025 the Company recognized $0.8 million and $0.4 million, respectively, of non-cash stock-based compensation expense related to outstanding MRSUs. For the six months ended June 30, 2026, and 2025 the Company recognized $1.4 million and $0.7 million, respectively, of non-cash stock-based compensation expense related to outstanding MRSUs.
| Awards |  | Weighted-Average Grant Date Fair Value
Unvested at December 31, 2025 | 47,786 |  |  | $ | 89.75 |
Granted | 61,411 |  |  | 82.26 |
Vested | — |  |  | — |
Forfeited | (2,302) |  |  | 86.48 |
Unvested at June 30, 2026 | 106,895 |  |  | $ | 85.52 |
Stock-Based Compensation Expense Total recognized non-cash stock-based compensation expense amounted to $2.1 million and $1.6 million for the three months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026 and 2025, the Company recognized non-cash stock-based compensation expense of $3.9 million and $3.2 million, respectively. The aggregate fair value as of the vest date of RSUs that vested during the six months ended June 30, 2026 and 2025 was $31.2 million and $29.7 million, respectively. Total non-cash unrecognized stock-based compensation expense related to unvested RSUs that are probable of vesting was $10.1 million at June 30, 2026. These costs are expected to be recognized over a weighted average period of 1.84 years.

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